Marketing Audit

Marketing Audit:

To review and analyse your current performance of your marketing activities you have to do marketing audit. Marketing Audit is a tool that analyse the whole current situation that how profitable is your company. Marketing Audit is very necessary if you want to manage change. This audit is also review your sales forecast. If you want to measure your marketing efforts then Marketing Audit is the best option for you.

Basically Marketing Audit is divided into two areas – 1. External Audit and 2. Internal Audit

1. External Audit – In external audit you have to consider these three environments -

A. Economic Environment – In economic environment you have to consider all environment including social, legal, cultural, environmental and political environment.

B. Competitive Environment – In analysis of competitive environment you have to do SWOT analysis of your competitors.

C. Own Market Environment - In this analysis you have to consider total market size, marketing characteristics, product, prices and distribution. The most important thing in this analysis is you have to analyse how is your own market is changing and evolving.
In external audit you can use PEST and five forces analysis. Both these tools can be used.

2. Internal Audit – Internal Audit analyses the resources that the company has. It analyses
marketing team concerning structure, efficiency, effectiveness, correlation with internal functions and other organizations. In internal audit you can use SWOT analysis.

In nutshell Marketing Audit tells you if your sales forecasting have been accurate and your marketing efforts are producing sufficient growth, covering your cost and generating suitable results. According to Lalit Bhojwani – “Marketing Audit is a performance appraisal for your whole marketing activities that enable you to assess past and present performance.”